BWIN on Nasdaq
Baldwin Insurance Group, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Commission Revenue brought in 79% of the revenue Baldwin Insurance Group, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Commission Revenue | $967.6M | $1.1B | $1.2B |
| Consulting and Service Fee Revenue | $74.6M | $78.2M | $95.4M |
| Profit Sharing Revenue | $93.4M | $95.5M | $94.1M |
| Policy Fee and Installment Fee Revenue | $65.4M | $60.7M | $78.6M |
| Earned premium [member] | $0 | $0 | $22.6M |
| Insurance, Other | $10.8M | $12.8M | $16.5M |
Business segments
Insurance Advisory Solutions brought in 46% of the revenue Baldwin Insurance Group, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Insurance Advisory Solutions | $646.1M | $711.9M | $727.3M |
| Underwriting, Capacity & Technology Solutions | $404.5M | $472.9M | $549.5M |
| Mainstreet Insurance Solutions | $234.7M | $281.3M | $297.7M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$1.5B
- Income tax0¢$1.7M
Out of $1.5B in revenue.2 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Commissions and fees | $1.5B | $1.4B | $1.2B |
| Investment income | $11.2M | $11.9M | $6.7M |
| Total revenues | $1.5B | $1.4B | $1.2B |
| Colleague compensation and benefits | $777.5M | $762.2M | $699.9M |
| Outside commissions | $279.7M | $269.8M | $211.4M |
| Other operating expenses | $240.3M | $192.4M | $190.3M |
| Amortization expense | $121.3M | $102.7M | $92.7M |
| Change in fair value of contingent consideration | $5.6M | -$4.9M | $61.1M |
| Depreciation expense | $6.5M | $6.2M | $5.7M |
| Total operating expenses | $1.4B | $1.3B | $1.3B |
| Operating income (loss) | $73.9M | $60.6M | -$42.6M |
| Interest expense, net | -$121.4M | -$123.6M | -$119.5M |
| Gain on divestitures | $290.0K | $39.0M | $0 |
| Loss on extinguishment and modification of debt | -$6.2M | -$15.1M | $0 |
| Other income (expense), net | $635.0K | -$194.0K | -$718.0K |
| Total other expense | -$126.7M | -$100.0M | -$120.2M |
| Loss before income taxes and share of net earnings of equity method investee | -$52.8M | -$39.4M | -$162.7M |
| Share of net earnings of equity method investee | $368.0K | $0 | $0 |
| Loss before income taxes | -$52.4M | -$39.4M | -$162.7M |
| Income tax expense | $1.7M | $1.7M | $1.3M |
| Net loss | -$54.2M | -$41.1M | -$164.0M |
| Less: net loss attributable to noncontrolling interests | -$20.3M | -$16.6M | -$73.9M |
| Net loss attributable to Baldwin | -$33.8M | -$24.5M | -$90.1M |
| Basic loss per share (in dollars per share) | -$0.50 | -$0.39 | -$1.50 |
| Diluted loss per share (in dollars per share) | -$0.50 | -$0.39 | -$1.50 |
| Weighted-average shares of Class A common stock outstanding, basic | 67.9M shares | 63.5M shares | 60.1M shares |
| Weighted-average shares of Class A common stock outstanding, diluted | 67.9M shares | 63.5M shares | 60.1M shares |
| Other comprehensive income | $815.0K | $0 | $0 |
| Comprehensive loss | -$53.3M | -$41.1M | -$164.0M |
| Less: comprehensive loss attributable to noncontrolling interests | -$20.0M | -$16.6M | -$73.9M |
| Comprehensive loss attributable to Baldwin | -$33.3M | -$24.5M | -$90.1M |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $123.7M | $90.0M | |
| Fiduciary cash | $223.2M | $222.7M | |
| Fiduciary receivables | $497.0M | $418.5M | |
| Prepaid expenses and other current assets | $13.7M | $11.6M | |
| Property and equipment, net | $22.5M | $22.0M | |
| Other assets | $82.4M | $48.0M | |
| Goodwill | $1.5B | $1.4B | |
| Fiduciary liabilities | $720.3M | $641.3M | |
| Commissions payable | $50.9M | $73.1M | |
| Accrued expenses and other current liabilities | $252.6M | $160.6M | |
| Related party notes payable | $0 | $5.6M | |
| Colleague earnout incentives | $0 | $32.8M | |
| Current portion of contingent earnout liabilities | $9.0M | $142.9M | |
| Total current liabilities | $1.0B | $1.1B | |
| Revolving line of credit | $107.0M | $0 | |
| Long-term debt, less current portion | $1.6B | $1.4B | |
| Contingent earnout liabilities, less current portion | $14.3M | $2.6M | |
| Other liabilities | $0 | $61.0K | |
| Total liabilities | $2.8B | $2.5B | |
| Redeemable noncontrolling interest | $519.0K | $453.0K | |
| Additional paid-in capital | $844.2M | $794.0M | |
| Accumulated deficit | -$245.2M | -$211.4M | |
| Accumulated other comprehensive income | $492.0K | $0 | |
| Total stockholders equity attributable to Baldwin | $600.2M | $583.2M | |
| Noncontrolling interest | $483.7M | $425.1M | |
| Total stockholders equity | $1.1B | $1.0B | $1.0B |
| Total liabilities, mezzanine equity and stockholders equity | $3.9B | $3.5B | |
| Assumed premiums, commissions and fees receivable, net | $342.1M | $283.6M | |
| Total current assets | $1.2B | $1.0B | |
| Right-of-use assets | $62.0M | $72.4M | |
| Intangible assets, net | $978.4M | $953.5M | |
| Total assets | $3.9B | $3.5B | |
| Operating lease liabilities, less current portion | $57.7M | $68.8M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$54.2M | -$41.1M | -$164.0M |
| Depreciation and amortization | $127.8M | $108.9M | $98.4M |
| Payment of contingent earnout consideration in excess of purchase price accrual | $85.8M | $23.4M | $24.3M |
| Share-based compensation expense | $71.1M | $65.5M | $60.0M |
| Change in fair value of contingent consideration | $5.6M | -$4.9M | $61.1M |
| Amortization of deferred financing costs | $5.7M | $5.8M | $5.1M |
| Gain on divestitures | -$290.0K | -$39.0M | $0 |
| Loss on extinguishment of debt | $26.0K | $1.0M | $0 |
| Other operating activity | -$602.0K | $909.0K | $2.0M |
| Assumed premiums, commissions and fees receivable, net | -$45.1M | -$42.4M | -$50.3M |
| Prepaid expenses and other current assets | -$9.7M | -$7.2M | -$6.8M |
| Right-of-use assets | $16.0M | $16.7M | $18.0M |
| Accounts payable, accrued expenses and other current liabilities | -$11.2M | -$488.0K | $6.1M |
| Colleague earnout incentives | -$32.8M | $24.8M | $8.0M |
| Operating lease liabilities | -$16.1M | -$13.8M | -$13.2M |
| Net cash provided by (used in) operating activities | -$29.4M | $51.5M | $46.0K |
| Cash consideration paid for business combinations, net of cash received | -$85.5M | $0 | $0 |
| Capital expenditures | -$39.5M | -$41.0M | -$21.4M |
| Investments in and loans to business ventures | -$16.7M | -$3.9M | -$1.7M |
| Proceeds from divestitures, net of cash transferred | $1.9M | $57.0M | $3.3M |
| Cash consideration paid for asset acquisitions | -$460.0K | -$268.0K | -$2.1M |
| Proceeds from repayment of loans to business ventures | $0 | $1.5M | $0 |
| Net cash provided by (used in) investing activities | -$140.3M | $13.3M | -$21.9M |
| Change in fiduciary assets and liabilities, net | $504.0K | $50.7M | $44.6M |
| Payment of contingent earnout consideration up to amount of purchase price accrual | -$66.2M | -$98.7M | -$27.9M |
| Proceeds from revolving line of credit | $263.0M | $106.0M | $111.0M |
| Payments on revolving line of credit | -$156.0M | -$447.0M | -$275.0M |
| Proceeds from refinancing of long-term debt | $1.9B | $1.4B | $170.0M |
| Payments relating to extinguishment and modification of long-term debt | -$1.8B | -$996.2M | $0 |
| Payments on long-term debt | -$7.2M | -$6.8M | -$9.4M |
| Payments of deferred financing costs | -$164.0K | -$18.0M | -$5.0M |
| Proceeds from the sale and settlement of interest rate caps | $0 | $2.3M | $10.9M |
| Tax distributions to Baldwin Holdings' LLC Members | $0 | -$11.1M | -$482.0K |
| Other financing activity | -$5.2M | -$264.0K | -$343.0K |
| Net cash provided by financing activities | $203.8M | $21.1M | $18.4M |
| Net increase (decrease) in cash and cash equivalents and fiduciary cash | $34.1M | $85.8M | -$3.5M |
| Cash paid for interest | $115.3M | $111.4M | $105.4M |
| Cash paid for taxes | $1.7M | $2.7M | $1.4M |
| Noncontrolling interest acquired in business combinations | $97.9M | $0 | $0 |
| Deferred payment obligations recognized in business combinations | $32.3M | $0 | $0 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $3.2M | $2.8M | $6.4M |
| Capital expenditures incurred but not yet paid | $3.3M | $2.8M | $3.6M |
| Right-of-use assets increased through lease modifications and reassessments | $2.7M | $767.0K | $1.1M |
| Equity interest issued in business combinations | $863.0K | $0 | $0 |
| Contingent earnout liabilities assumed in business combinations and asset acquisitions | $18.4M | $224.0K | $723.0K |
| Conversion of contingent earnout liability to related party notes payable | $0 | $5.6M | $0 |
| Decrease in goodwill resulting from measurement period adjustments for prior year business combinations | $0 | $0 | -$211.0K |
Former names
- BRP Group, Inc.Aug 19, 2019 to Apr 25, 20243
Recent filings
- Oct 9, 20268-K
- Oct 7, 2026SCHEDULE 13G/A
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Oct 2, 20264
- Sep 25, 2026SCHEDULE 13G
- Sep 21, 20268-K
- Sep 14, 20268-K
- Sep 14, 2026DEFA14A
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
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